China says Trump's tariffs 'launched the largest trade war in economic history,' vows to strike back

China's President Xi Jinping speaks to media in front U.S. and Chinese national flags during a joint news conference with U.S. President Barack Obama (not pictured) at the Great Hall of the People in Beijing.

source

Reuters/Jason Lee

The Chinese government responded quickly to the as
President Donald Trump's tariffs went into effect at midnight
ET on Friday.

The Chinese Ministry of Commerce called the tariffs
"typical trade bullying" and said Trump "launched the largest
trade war in economic history."

China also promised that it would respond with trade
restrictions of its own to counteract Trump's
decision.

In a statement released shortly after the midnight ET,
China's Ministry of Commerce called the tariffs - which
impose a 25% duty on $34 billion worth of Chinese exports to the
US - "typical trade bullying" and warned that
retaliation would be swift.

"The United States violated the [World Trade Organization]
rules and launched the largest trade war in economic history to
date," the Commerce Ministry said.

Trump's tariffs are the result of an investigation by the
administration into the theft of US intellectual property by
Chinese firms and their government. The tariffs were originally
announced in March, but a series of procedural delays and trade
negotiations pushed back implementation to Friday.

"The Chinese side promised not to fight the first shot, but
in order to defend the core interests of the country and the
interests of the people, they had to be forced to make the
necessary counterattacks," the Commerce Ministry said.

The back-and-forth trade battle between the world's two
largest economies will likely be damaging to the US economy
according to trade experts, ths fact was not lost on the
Chinese.

"Consumers will not only be helpless, but will also harm
the interests of American businesses and people," the statement
said.

The two sides' tariffs each focus on particular industries
in an attempt to make the duties as painful as possible. Trump's
tariffs around going after industrial goods and technology, a
move designed to take aim at Chinese President Xi Jinping's
heralded Made in China 2025 plan.